Grange remains a financially stable company, according to A.M. Best. The global credit rating agency, which focuses on the insurance industry, recently affirmed Grange’s financial strength rating (FSR) of “A” (Excellent) with a stable outlook for all its P&C companies. The FSR is the most important component of A.M. Best’s rating because it indicates a company’s ability to pay its policyholders’ claims.
In addition, Grange’s Issuer Credit Rating (ICR) remains an “A+” (Excellent), but for the first time in several years is being revised from a negative to a stable outlook. This rating indicates an excellent ability to meet ongoing senior financial obligations and places Grange among the top tier of insurance companies nationally.
“We are very pleased with the outcome of our review, especially with the positive change in our ICR from negative to stable,” said CEO John Ammendola. “A.M. Best’s review demonstrates to our agents and policyholders that Grange continues to be a financially strong, stable and disciplined company that earns their trust and confidence.”
In A.M. Best’s press release, they highlighted Grange’s “solid risk-adjusted capitalization, strong product management focus and well-established regional market presence.” The release also noted Grange’s efforts over the past several years to improve underwriting profitability and diversify our products. Additionally, A.M. Best reported that it expects Grange’s operating efficiencies to continue to improve based on its investments in technology and product development.
Grange has received an “A” financial strength rating from A.M. Best for nearly 50 years and financial strength is a critical consideration when it comes to purchasing insurance.
To read A.M. Best’s press release, click here.